The mortgage market saw a slight decline in rates for 30-year fixed loans, marking the first reduction in a month. Although still hovering in the upper 6% range, this represents a more favorable position compared to the previous year. The labor market also showed strength, with substantial job gains, particularly in healthcare and leisure sectors, maintaining low unemployment rates. Realtor.com reported over a million active home listings for the first time since 2019, creating a buyer-favorable environment, though pending home sales dropped and price cuts increased, indicating a shift in market dynamics.
The dip in mortgage rates marks the first decrease in a month, although rates remain in the upper 6% range, still lower than a year ago.
Job gains in May were robust, particularly in sectors such as healthcare and hospitality, reflecting a strong labor market despite consumer concerns.
With over a million homes for sale, the market is now more favorable for buyers, although pending home sales are down 2.5% from last year.
The increase in home price cuts to 19.1% indicates growing buyer leverage and highlights the varying recovery across different housing markets.
Collection
[
|
...
]